On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terms 5/10,...

  

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On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terms 5/10, n/30, FOB shipping point. Silver's cost of sales for this merchandise was $50,000 The merchandise left Silver's facility on April 4 and arrived at Nance on April 10. Nance paid the invoice for the merchandise on April 11. Read the requirements. Cmo Requirement 1. Prepare the journal entries for Silver Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Nance Corporation. Assume that Nance Corporation takes the discount if payment is within the discount period. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the safe, we will do that in the next step.) On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terrgs 5/10, r/30, FOB shipping point. Silver's cost of sales for this merchandise was $50,000 Date April 4 Journal Entry Accounts Debit Credit On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terms 5/10, n/30, FOB shipping point. Silver's cost of sales for this merchandise was $50,000 The merchandise left Silver's facility on April 4 and arrived at Nance on April 10. Nance paid the invoice for the merchandise on April 11. Read the requirements. Cmo Requirement 1. Prepare the journal entries for Silver Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Nance Corporation. Assume that Nance Corporation takes the discount if payment is within the discount period. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the safe, we will do that in the next step.) On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terrgs 5/10, r/30, FOB shipping point. Silver's cost of sales for this merchandise was $50,000 Date April 4 Journal Entry Accounts Debit Credit

Answer rating: 100% (QA)

Solution 1 Journal Entries Date April 4 April 4 Accounts Ac... View the full answer